COMMODITY TRACKER: 5 chart to watch this week in Commodity News 14/05/2026 China’s crude imports fell to a 45-month low amid the Middle East disruptions, while sulfur prices doubled on supply constraints. Indonesian aluminum exports, Indian rice prices and US beef trimming imports are also in focus this week. 1. China’s crude imports fall to 45-month low What’s happening? China’s crude imports fell to a 45-month low of 9.4 million barrels/day in April, data from the General Administration of Customs showed May 9. Imports were the lowest since 8.83 million b/d in July 2022. The 20% year-over-year decline and 23% month over month drop came amid supply disruptions in the Middle East due to the war between the US, Israel and Iran since late February. Independent refineries’ crude imports reached a 46-month low of 3.16 million b/d in April, down 1.16 million b/d from March, according to Platts data. This suggested imports by state-run refineries fell 1.51 million b/d from the previous month. Platts is part of S&P Global Energy. What’s next? Market analysts said the weaker-than-expected inflows imply stock draws of about 11 million barrels in April, despite Chinese refiners slashing crude throughput. China’s onshore crude inventory reached a record high of 1.36 billion barrels, according to Ursa Space data. China’s crude import demand could drop by as much as 2.5 million b/d year over year in 2026 as the country halts stockbuilds and cuts refinery runs by 1.7 million b/d amid EV penetration and a clean oil product export ban, a market analyst estimated. Chinese oil product exports in April fell to 3.12 million mt, down 38% year over year, the lowest since 3.11 million mt in May 2025, following the government’s mid-March requirement to suspend clean oil product exports, GAC data showed. 2. Sulfur prices double amid Middle East disruptions What’s happening? Global sulfuric acid and elemental sulfur prices increased in April due to supply disruptions in the Middle East a